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May 8, 2000. Confidential & Proprietary. Presentation to FPL Group, Inc. Enron Generation Overview. Generation Summary. Enron North America (“ENA”) will have in excess of 3,000 MWs of gas-fired, peaking electrical power in the Southeast and Midwest power markets by the Summer of 2000:

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May 8, 2000

Confidential & Proprietary

Presentation to FPL Group, Inc.

Enron Generation Overview


Generation Summary

  • Enron North America (“ENA”) will have in excess of 3,000 MWs of gas-fired, peaking electrical power in the Southeast and Midwest power markets by the Summer of 2000:

    • Midwest Region: - 1,153 MWs in merchant capacity in Illinois and Indiana

    • Southeast Region: - 1,914 MWs in merchant capacity in Mississippi and Tennessee - 340 MWs (170 net) in Georgia under L-T toll with a third party

  • ENA has additional opportunities in operation and in advanced stages of development throughout the US and near the Canadian border:

    • Western Region: - 750 MW combined cycle for ‘02 COD in Bakersfield, California - 50 MW qualified facility with merchant peaker expansion of 220 MW for early ‘02 COD in Las Vegas, Nevada

    • Midwest Region: - 240 MW (120 net) peaker for Summer ‘01 COD near Chicago, Illinois - 320 MW peaker for Summer ‘01 COD near Sarnia, Ontario (Port Huron, MI)


1999 and 2000 Merchant Peaker Projects

1999 Projects Brownsville, Tennessee 492 MW ISO SERC 1999 Summer Caledonia, Mississippi 498 MW ISO SERC 1999 Summer New Albany, Mississippi 391 MW ISO SERC 1999 Summer

2000 Projects Manhattan, Illinois 650 MW ISO MAIN 2000 Summer Gleason, Tennessee 533 MW ISO SERC 2000 Summer Wheatland, Indiana 503 MW ISO ECAR 2000 Summer

  • 3,067 MWs positioned in multiple high value energy markets:

    • TVA-SERC, CINergy-ECAR, ComEd-MAIN

  • Access to:

    • 55% of total US electricity demand

    • 80% of Eastern Interconnect

  • Proximity to:

    • Multiple major interstate gas pipelines

    • 34 electric transmission systems

    • Several power trading hubs, including: TVA-CBOT, CINergy-Nymex, ComEd-CBOT


NPCC

MAPP

MAAC

MAIN

ECAR

WSCC

SPP

SERC

ERCOT

Location of Enron Assets

Chicago (240)

Sarnia (320)

Manhattan (650)

Wheatland (503)

LV Cogen (270)

Pastoria (750)

Gleason (533)

Brownsville (492)

New Albany (391)

Caledonia (498)

Enron

Doyle (340)

City (Capacity, MW)

In Operation

Under Construction

Development


FPL Energy Maine Assets:

Indian Stream (88)

Hydro Units (285)

South Portland (42)

Yarmouth (610)

Wiscatt (101)

Fort Fairfield (31)

Total = (1,157)

MAPP

NPCC

MAAC

WSCC

MAIN

Richmond, VA (665)

in Development (171)

Total = (836)

ECAR

SPP

FPL Energy PJM Assets:

Sayrevelle, NJ (150)

Philadelphia, PA (50)

Fackville, PA (4)

Edensburg, PA (9)

Montgomery, PA (13)

Total = (226)

FPL Energy CA Assets:

Bakersfield, CA (44)

Harper Lake, CA (40)

Stockton, CA (22)

Calistoga, CA (40)

China Lake , CA (4)

Altamont Pass, CA (145)

Tehachapi, CA (180)

Total = (475)

Assets in Development:

Philadelphia, PA (750)

SERC

ERCOT

Location of FPL Unregulated Assets

Everett, WA (248)

Helix, OR (25)

West Bend, WI (30)

Clear Lake, IA (42)

Bellingham, MA (150)

in Development (500)

Total = (650)

Reno, NV (16)

Hurt, VA (32)

Gaffney, SC (50)

Holtville, CA (49))

Paris, TX (990)

McCamey, TX (75)

FPL Assets

City (Capacity, MW)

In Operation

Under Construction

Development

Purchased


MAPP

NPCC

MAAC

WSCC

MAIN

ECAR

SPP

SERC

FPL Florida Assets:

Cape Canaveral (804)

Cutler (215)

Fort Myers (1,179)

Manatee (1,625)

Martin (2,581)

Port Everglades (1,662)

Riviera (573)

St. Johns River (254)

St. Lucie (1,553)

Sanford (934)

Turkey Point (822)

Lauderdale (1,700)

Putnam (498)

Other (Nuclear) (1,386)

Total = (15,786)

ERCOT

City (Capacity, MW)

In Operation

Under Construction

Development

Purchased

Location of FPL Regulated Assets

Juliette, GA (658)

Unregulated Assets


FPL Energy Maine Assets:

Indian Stream (88)

Hydro Units (285)

South Portland (42)

Yarmouth (610)

Wiscatt (101)

Fort Fairfield (31)

Total = (1,157)

MAPP

NPCC

MAAC

WSCC

MAIN

Richmond, VA (665)

in Development (171)

Total = (836)

ECAR

SPP

FPL Energy PJM Assets:

Sayrevelle, NJ (150)

Philadelphia, PA (50)

Fackville, PA (4)

Edensburg, PA (9)

Montgomery, PA (13)

Total = (226)

FPL Energy CA Assets:

Bakersfield, CA (44)

Harper Lake, CA (40)

Stockton, CA (22)

Calistoga, CA (40)

China Lake , CA (4)

Altamont Pass, CA (145)

Tehachapi, CA (180)

Total = (475)

Assets in Development:

Philadelphia, PA (750)

SERC

FPL Florida Assets:

Cape Canaveral (804)

Cutler (215)

Fort Myers (1,179)

Manatee (1,625)

Martin (2,581)

Port Everglades (1,662)

Riviera (573)

St. Johns River (254)

St. Lucie (1,553)

Sanford (934)

Turkey Point (822)

Lauderdale (1,700)

Putnam (498)

Other (Nuclear) (1,386)

Total = (15,786)

ERCOT

Location of All FPL Assets

Everett, WA (248)

Helix, OR (25)

West Bend, WI (30)

Bellingham, MA (150)

in Development (500)

Total = (650)

Clear Lake, IA (42)

Reno, NV (16)

Hurt, VA (32)

Gaffney, SC (50)

Holtville, CA (49))

Paris, TX (990)

Juliette, GA (658)

McCamey, TX (75)

FPL Assets

City (Capacity, MW)

In Operation

Under Construction

Development

Purchased


FPL Energy Maine Assets:

Indian Stream (88)

Hydro Units (285)

South Portland (42)

Yarmouth (610)

Wiscatt (101)

Fort Fairfield (31)

Total = (1,157)

MAPP

NPCC

MAAC

WSCC

MAIN

Richmond, VA (665)

in Development (171)

Total = (836)

ECAR

SPP

FPL Energy PJM Assets:

Sayrevelle, NJ (150)

Philadelphia, PA (50)

Fackville, PA (4)

Edensburg, PA (9)

Montgomery, PA (13)

Total = (226)

FPL Energy CA Assets:

Bakersfield, CA (44)

Harper Lake, CA (40)

Stockton, CA (22)

Calistoga, CA (40)

China Lake , CA (4)

Altamont Pass, CA (145)

Tehachapi, CA (180)

Total = (475)

Assets in Development:

Philadelphia, PA (750)

SERC

FPL Florida Assets:

Cape Canaveral (804)

Cutler (215)

Fort Myers (1,179)

Manatee (1,625)

Martin (2,581)

Port Everglades (1,662)

Riviera (573)

St. Johns River (254)

St. Lucie (1,553)

Sanford (934)

Turkey Point (822)

Lauderdale (1,700)

Putnam (498)

Other (Nuclear) (1,386)

Total = (15,786)

ERCOT

Location of Enron/FPL Assets

Everett, WA (248)

Helix, OR (25)

West Bend, WI (30)

Bellingham, MA (150)

in Development (500)

Total = (650)

Chicago (240)

Clear Lake, IA (42)

Sarnia (320)

Manhattan (650)

Reno, NV (16)

Wheatland (503)

Hurt, VA (32)

Pastoria (750)

LV Cogen (270)

Gleason (533)

Gaffney, SC (50)

Brownsville (492)

New Albany (391)

Holtville, CA (49))

Paris, TX (990)

Caledonia (498)

Juliette, GA (658)

Doyle (340)

McCamey, TX (75)

FPL Assets

City (Capacity, MW)

In Operation

Under Construction

Development

Purchased


Stock Performance Comparisons (As of May 8, 2000)

Current P/E Forward P/E*

Calpine 55.63 43.98

AES 34.83 27.37

Enron 60.40 53.81

FPL 11.68 11.18

* Source: Bloomberg as of April 25, 2000



Unparalleled scale and scope

Complimentary capabilities provides for world class GenCo

Provides for multiple expansion and maximum value

Ability to structure/manage near term earnings profile

Creates national portfolio with good asset and fuel mix

50% more MWs than nearest unregulated competitor

Transaction Rationale

World class GENCO

ENRON

+

FPL


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